Just hand the non-worthy clients over to the PRC. Don't even bother to connect them, just shoot them the freakin 800 number.

The CM-FA model was a failed experiment.  You can always achieve better client service with redundancy but a business will lose money trying to justify it.  That is why this type of model is non-existent anywhere else in our industry.

BACFA It’s funny listening to our conference calls these days.  It’s like the BAI management "discovered’ the new FA-and-Client model.  On one of the calles, a senior manager actually said, “This is the type of advisor/client relationship that I’ve always dreamed about.  And now we finally have it!”

BAI reps need to group together and do something!

I’ve already called the UAW.

Here is what I heard recently:



ML Advisors will be getting most of the “leads”. These “leads” are our CMs old clients that we couldn’t get to invest with us. So really, they have already been worked and are table scraps.   They will be distributed by complex managers based on who is giving each other reach arounds.



Advisors who are in branches are going to lose them. We are headed to the wire house model. However, I’ve heard of a possible “pilot program” where low level producers can stay in the branches and receive salary plus a grid payout. In return, they will cannot open accounts over $250K and those leads go to a ML Advisor. Sounds like some type of junior program. For those of you from Fleet Bank, this is the rebirth of the IR program. Also, this is why I think they adjusted the FA I comp plan…to keep some of them for this program.



For banking products (mostly mortgages), we will receive some type of comp retroactive Apri 1st for our troubles. No idea how much…but something.



I’ve also heard the the top BAI advisors in each complex are to be taken care of. In other words, it’s likely that they will get some leads and accounts from brokers who have left to keep them happy while we transition…in 2010.



I believe that BAI is slowly being dismantled broker by broker and only the top few Advisors will be moved to ML. Others will have a choice to go into this “pilot program” or to get out. I know many don’t want to believe that but this is my own theory. Only time will tell and in the meantime if you are not a top producer I would make sure you have a backup plan.

This demonstrates the differences in ML and BAI culture.  You shouldn't be worried about brokered CDs and the payout.  I suggest you work on how your going to prospect and bring in new assets.  CDs are not going to make a million dollar relationship stick.  The secret is the relationship.  Brokers sell, advisors don't have to sell because we find the solution that fits the needs of the individual client.  As far a payout, we would not be able to post such information on a blog, sorry.

You mean the payout grid?  Those are posted on these forums all the time.

Thanks untouchable for putting all our misconceptions about ML FA's to the side.  You sound very humble and thank you for your valuable input of this blog.  We were all wondering what the key to being a good FA was.  Thanks pal!<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

iceco1d; why are you even on this forum? do you work for BAI or Merrill?

As I have said before, the PB&I model could have been the greatest thing since the Wonderbra. But the freakin idiots who never did our job a day in their useless lives, but were running the show anyway kept screwing it up. Leave it to management. Anyway, that’s behind us. I do think that this whole exercise is being done to salvage Kenny boys reputation. I will bet that they will be hiring back CMs in 12 months. They won’t call them CMs, but the role will be reincarnated. Clients are pissed and assets are leaving. This isn’t what I signed on for, if I wanted to be part of the Thundering Turd I would have gone there. I am going to quit bitchen and leave. There are plenty of places out there that are looking to hire good advisors. BAI is dead and we need to quit crying about it, show some true leadership and do what’s in our client’s best interest.     

Bonehead, while I agree with you in the fact that I do believe this transition will be a complete failure and they will bring some sort of PB & I back, my strategy is to hang around and pick up assets form brokers leaving. In the past three months I went form 8o million to 145 million.   I figure I might as well use the bank for as much in assets as I can inherit get the trailing 12 up and than leave.     Every person i talk to on the desk is telling me brokers are leaving like crazy. It is kinda funny.    I almost feel like even the brokers at ML are all leaving. THe ones that are staying are to old to sign 9yr contracts.     Thoughts appreciated. And if you are looking around what deals do you find the most attractive?   I am getting my MS offer next week, will keep you posted.

Ken Lewis Ousted on Monday…

cutacheck,



With those assets, why not go indy? I’d hate to see you tie yourself up with another institution’s BS.

I am taking this opportunity to go to a small indie firm. I’ve had it with all of the big company BS, and I don’t want to tie myself up or 7 or more years. Think about the new FAs hired at the bank in the months leading up to this fiasco. They were sold on this model, they in turn sold their clients on this bank and this model and now its all gone. They’re screwed. I am not putting myself or my clients in that position. I want to be at a firm that puts their clients best interests first, not the dumb ass CEO’s. Plus there is ownership potential at a small indie, so while I’m busting my butt, I am also building a stake in something larger. Don’t have that at UBS or MS. Lastly, I think clients will be more receptive to moving to a small firm, rather than another big name. Because of this whole debacle the names are interchangeable in the client’s mind. Best of luck!

One last thought. You have a choice, you can live life by accident or you can live life by creating your own circumstances. Successful people make their own decisions and thus create their own circumstances. Losers sit back and wait for someone else to make decisions for them and then react. We all know that sh*t rolls down hill. Why work someplace where your success is determined by some Bozo with questionable motives? Everyone here is talking about, how the referrals will be handed out, what the new pay scale will be, who will handle the bank product service issues, what products will we have. Screw that, don’t sit around and wait for these idiots to make the decisions that affect your future for you. They couldn’t give a rat’s a$$ about your success. Go out and find a place where you can participate in the decisions that impact you and your clients. You will be happier, your clients will be better served and you, like most successful people will exercise greater control over your destiny. Live life on purpose, not by accident. Just my two cents…

That was a confiscatory grid. Thats just plain stalin

I heard a big team left MER in Dallas, TX today.  Anyone else hear of the thundering herd heading for the door?

The front article on this home page says that 95% are staying put.   I know of so many producers 500k plus that have left BAI for MS UBS and Wachovia.   I have also have been reading that so many have left Merrill. I don’t know that I would beleive those numbers.   I think it is funny how firms discount people who do 350k to 500k. Most branched have only one or two million dollar plus producers.   The rest of the office does the gross.   So my question is would a firm rather keep the two million dollar producers and loose the other 10 400k producers.     4million sounds better than two million.

I herd a million dollar team left BAI last week for MS. Management is drinking the coolade.



Man if I where a ML FA I would wait for the 500 leads from ken lewis ha!!! Ken’s done after the board meeting and the new CEO will renig on all those horse $hit promises. Stand by!